Jensen is OUT! What does it mean for AI?

Jensen Huang is out at Nvidia, so Immad and Raj recorded an emergency pod the morning the news broke.They start with what his exit means for Nvidia and the AI trade, the lines a CEO can't cross, and whether Travis Kalanick was done dirty at Uber. From there they get into interest rates, Anthropic's push to become an everything app, and how Tribe now runs with AI on the inside, with agents handling design, engineering, analytics and moderation.The back half is for founders: what to build right now, why the marketing co-founder is the new technical co-founder, skipping VCs with an LLC model, what the Anthropic and OpenAI IPOs could mean for venture, and whether you should walk away from a non-AI startup. They wrap with how they're investing, from buying Anthropic to the S&P vs QQQ, and why robotics could be the big trade of the next decade.What you'll learn:Why Jensen's exit is a long-term risk for Nvidia even if the stock holds up short termThe lines a public company CEO can't cross, and why an undisclosed relationship with a direct report means an instant fireWhether this pops the AI bubble, and how rising interest rates could change the AI tradeHow Tribe runs with humans on the outside and AI on the insideHow AI agents are starting to run sales, ops and support at small companiesWhere founders should build right now: AI infrastructure, regulated spaces or go to marketWhy an LLC funded by friends and family could become a more common startup modelWhat the Anthropic and OpenAI IPOs could mean for VC liquidityHow to think about quitting, spinning off or handing off a non-AI startupWhy Immad and Raj are bullish on robotics over the next decadeTimestamps:(00:00) Intro(01:00) Jensen's out. What happens to Nvidia?(03:15) The lines a CEO can't cross(07:24) Travis Kalanick and founders getting pushed out(09:34) Does this pop the AI bubble?(11:38) Interest rates vs the AI trade(14:09) Anthropic wants to be the everything app(15:04) How Tribe runs with AI on the inside(16:31) AI agents running sales, ops and support(20:01) AI moderation and a comeback for anonymous social?(23:03) The marketing co-founder is the new technical co-founder(24:02) What should founders build right now?(27:14) Skip the VCs: the LLC model(28:23) The VC market: hot AI vs everyone else(29:57) What the Anthropic and OpenAI IPOs mean for VC(32:44) Should you quit your non-AI startup?(36:51) Spin-offs, selling and handing off to a co-founder(39:24) Buying Anthropic, S&P vs QQQ(41:37) Robotics and the next decade

Jean-Denis Greze (CEO @ Town), joins Immad and Raj live to break down the pivot from AI tax prep to a work assistant, why horizontal AI beats vertical AI, and how to hire in the age of agents. Before Town, he was head of engineering, CTO and CPO at Plaid.In this episode, you'll learn:- Why Town walked away from AI tax prep after its first tax season, and how the team handled telling customers and employees- How a blank homepage with a "connect Gmail" button turned into Town's first users and product-led growth- Why Town bets that horizontal AI beats vertical AI, and where it won't work (legal, payroll, HR)- Why being neutral across AI labs resonates with companies of 500 to 2,000 employees- How Town hires engineers: a 2.5 to 3 hour in-person build with AI agents, judged on when you read the code- Why product advantage now lasts months, not years, and what to build instead (network effects, brand)

Rahul Vohra is the founder of Superhuman, the email client that was acquired by Grammarly. Grammarly has since taken on the Superhuman name, and Rahul now leads Superhuman Mail. Before Superhuman, he built Rapportive, the first Gmail extension to scale to millions of users. LinkedIn acquired it 20 months after its first line of code. Rahul studied computer science at Cambridge, ran Cambridge University Entrepreneurs, and went through Y Combinator in Summer 2010.In this episode, Immad Akhund and Raj Suri talk with Rahul about the origin of the Superhuman name, how a leaked demo link took Rapportive from 10 to 10,000 users overnight, and why being early to a new platform still pays off. Most of the conversation covers M&A: how to read a buyer, how to protect your leverage, and what a banker is actually for.What you'll learn:The four things an acquirer needs to be buying for a company to sell at a top valuationHow Rahul sold Rapportive at a premium with two weeks of runway left, including letting a no-shop period expireWhy building multiplayer features moved Superhuman's team net dollar retention from about 70% to 122%Why founders should be early to every new platform, from browser extensions to ChatGPT apps and MCPHow the founder "bell curve" changes how much the idea mattersWhat M&A advisors actually contribute, and how they pace hot and cold buyersChapters:(00:00) The four things acquirers are really buying(01:07) How Grammarly became Superhuman(04:15) Superhuman vs. superintelligence(07:04) From the BBC Micro to a Cambridge PhD(09:48) Fundraising on good vibes at Cambridge University Entrepreneurs(12:22) Building Rapportive(14:14) The leak that brought 10,000 users overnight(18:19) Be early to every platform(20:11) Email's trillion-hour problem(22:33) Raising before Demo Day and meeting LinkedIn(23:56) The LinkedIn API deal(29:21) Does the idea matter? The founder bell curve(31:33) Going multiplayer: net dollar retention from 70% to 122%(33:45) Selling Rapportive with two weeks of runway(44:20) Selling Superhuman: 16 buyers and the banker's real job

Stephen Balaban is co-founder and, as of a recent leadership change, CTO of Lambda, the AI cloud infrastructure company he and his twin brother started in 2012. It took five pivots — augmented reality, a facial-recognition contact book, a camera embedded in a baseball cap, the AI image app Dreamscope, then finally workstations and servers — before Lambda found a business that made money in 2017. Along the way, Stephen kept the company alive by consulting on the side, including projects with Airbus and the creators of South Park.What you'll learn:Why it took five pivots and 14 years for Lambda to find product-market fitHow side consulting work — for Airbus and even South Park's creators — funded the company through its leanest yearsWhy mainline Silicon Valley VCs kept passing on Lambda even while it was profitable, and why that didn't change after ChatGPTHow a Series D round pulled largely from Taiwanese manufacturers and family offices instead of traditional venture capitalWhat pushed Stephen to step down as CEO and bring in Michel Combes, a former CEO of Sprint and SoftBank InternationalWhy Stephen thinks the disinformation around data centers — noise, water use — doesn't hold upChapters:(01:10) Meet Stephen Balaban, co-founder and CTO of Lambda(02:40) Palo Alto in 2012 and Lambda's earliest days(03:42) Building Heads Up, a facial-recognition contact book for iOS(05:06) The ImageNet moment and training neural nets on NVIDIA GPUs(06:14) Five pivots: from augmented reality to Dreamscope(08:55) Funding the company through consulting, including work with Airbus and South Park's creators(12:13) Writing down the goal to IPO back in a 2012 notebook(14:28) Raising a first $600K, including Austin Russell's $20K check at a $400K valuation(24:29) Lambda's climb from $3M in revenue to a $1B run rate(26:57) Why Silicon Valley VCs kept saying no — even after ChatGPT(34:04) A Series D built largely on Taiwanese manufacturers and family offices(37:13) Immad on Mercury Books, Mercury's new bookkeeping product(44:12) Stepping down from CEO to CTO and bringing in Michel Combes(52:34) Debunking data center disinformation, from water use to noise

What if the company students use to find their first internship became one of the most important players in training AI?Garrett Lord, co-founder and CEO of Handshake, joins Immad Akhund and Raj Suri to break down Handshake's unlikely pivot. Handshake started as a way to help college students — regardless of where they went to school — find internships and jobs, and grew into a $200M+ ARR business used by most students in America. But over the last 18 months, Garrett has built a second business inside Handshake: using the company's network of 30 million students and alumni to help AI labs train their models on real, high-quality, professional-domain data — from oil and gas to finance to scientific research. That business alone has gone from zero to nearly $2 billion in revenue in about a year.The conversation goes deep on how this actually works: recruiting domain experts, building task environments that function like video games, scoring model performance against expert-validated tasks, and why 70% of the money spent training a model today goes toward reinforcement learning rather than pre-training. Garrett, Immad, and Raj also cover the open-weight vs. frontier model debate, why China may already be ahead on robotics, and what jobs might look like in a world where AI models can eventually learn continuously, on the job.The episode closes with a genuinely open-ended debate between Garrett and Immad about what humans will actually do for a living, and for meaning, if knowledge work is mostly automated — and how disruptive that transition might be along the way.What you'll learn:How Handshake used its network of 30 million students and alumni to build a second, multi-billion-dollar business training AI modelsWhy 70% of AI training spend now goes toward reinforcement learning, not pre-trainingHow AI labs identify gaps in their models and commission the specific data needed to close themWhy data, not algorithms, may be the real long-term moat for AI companiesWhy computer use — AI navigating real software and websites — has recently gotten dramatically betterWhy China may already be ahead of the U.S. in deploying real-world roboticsHow enterprises like Mercury are likely to use a mix of frontier and open-source models going forwardWhat Handshake learned scaling a data business from zero to nearly $2B in under two yearsGarret and Immad's differing views on what human work and meaning look like if knowledge work becomes automatedTimestamps:(00:19) Introduction and Handshake's origin story(01:39) Handshake's new business: training AI models on real-world data(02:30) How Handshake's 30M-person network became a moat(04:24) Inside the "video game" environments used to train agents(05:00) Why 70% of AI training spend now goes to reinforcement learning(08:18) How AI labs commission specific data from Handshake(12:10) Why computer use has finally gotten good(14:11) What models are still bad at, and why(17:00) The "8 people can agree" test for what AI can be trained to do(18:23) China's 2 million working robots, and why the US is behind(22:12) Open-weight vs. frontier models, and how enterprises will use both(31:15) Scaling from zero to $2B: what broke along the way(34:02) Handshake's "Olympic pace" culture value(39:41) Why continuous learning is the next frontier for AI(42:07) Bill Gates' essay on AI, job loss, and taxing tokens(45:23) Immad and Garret debate what jobs and meaning look like in an AI-driven future

This week, Immad and Raj sat down for a wide-ranging catch-up on the biggest stories in tech right now — from record-breaking acquisitions to what they're each giving AI access to in their own lives.The conversation kicks off with the OpenRouter-Stripe acquisition and Cursor's $60B deal, and what both say about investing in "obvious" ideas when the underlying trend is right. From there, Immad and Raj get into the economics of secondary markets (including Immad's own purchases of SpaceX and Anthropic shares pre-IPO), why staying private longer might be bad for retail investors, and the case for making it easier for smaller companies to go public.They also dig into consumer AI hardware — why simple, single-purpose devices like Pocket are breaking through where more complicated products haven't — and trade notes on what they've each connected their own AI assistants to, from email and calendars to health results and scheduled tasks.What you'll learn:Why "obvious" ideas can still be some of the best investments, if the trend is rightWhat's driving the OpenRouter-Stripe and Cursor acquisitions, and why they matter for developer toolsHow Immad and Raj think about the risks and opportunities in secondary marketsWhy Immad believes deep secondary liquidity could be bad for retail investors and the broader economyWhat's made simple, single-purpose AI hardware devices succeed where more ambitious ones have struggledHow Immad and Raj are using AI assistants in their own lives, from productivity to personal healthWhy "PMF doesn't exist anymore" in consumer products, according to a recent conversation Raj had with Character AI's CEOWhat it will take for AI to handle more complex, multi-step tasks like buying insuranceHow Anthropic and OpenAI's revenue numbers compare going into the back half of the yearTimestamps: (00:47) Introduction (01:21) OpenRouter's acquisition by Stripe (02:18) Cursor's $60B deal and the case for "obvious" ideas (06:03) Why big exits justify high seed valuations (08:47) AI adoption is still low — why Immad is bullish on the next 5-10 years (12:56) Buying into SpaceX and Anthropic pre-IPO (15:17) The case against deep secondary markets (18:21) Why Pocket is winning in consumer AI hardware (20:02) Talking to Matic's robot vacuum (22:07) An idea for family video, and why photo frames haven't solved it (24:14) What Character AI's CEO said about PMF at a recent Tribe event (28:28) What Immad and Raj have given their AI assistants access to (33:08) Scheduled AI tasks, and why AI still can't do the last mile (35:59) Anthropic and OpenAI's latest revenue numbers (38:06) The debate over housing density and California's building laws

Mo Al Adham is the founder and CEO of Frec, a brokerage platform he describes as "brokerage 2.0" — building on core trading primitives to offer more sophisticated strategies like direct indexing, long-short direct indexing, and options overlays. Before Frec, Mo co-founded Twitvid, an early video-for-Twitter startup, and later spent five years at Twitter. He founded Frec in 2021 and launched the product in October 2023.What you'll learn:Why the $1-30M wealth segment — about 10 million US households — controls 40% of all investable wealth in the country, and why it's the fastest-growing segmentHow direct indexing creates "tax alpha" by harvesting capital losses, and why that's a deferral of taxes rather than an elimination of themHow a step-up in cost basis at death effectively forgives the deferred tax billThe concrete numbers: how much a $100k investment can harvest in losses via a classic direct index versus a long-short direct indexWhy long-term, sophisticated investors have proven far less fee-sensitive than the market assumesMo's path from Twitvid — an early video app built on top of Twitter — to five years working inside Twitter itselfHow a frustrating experience with a wealth manager who charged 1% fees for little added value planted the idea for FrecWhy Mo's six months of "top-down" market research largely failed, and why a "bottoms-up" approach — starting from what he actually cared about — led him to FrecWhy Frec had to resequence its roadmap when rising interest rates undercut its original plan to lead with a cheap line-of-credit productImmad's framework for company OKRs (which he calls "COR") and why he insists on including non-measurable resultsWhy Frec has deliberately stayed out of banking, unlike some robo-advisor competitorsMo and Immad's picks for financial products that should already be obsoleteChapters: (00:00) The $1-30M wealth segment and why it holds 40% of US investable wealth (01:03) Introducing Mo Al Adham and Frec, "brokerage 2.0" (02:07) Targeting sophisticated investors vs. democratizing access (03:12) Why long-term investors are stickier and less fee-sensitive than assumed (07:08) Tax alpha explained: deferral vs. elimination (09:20) How direct indexing lowers cost basis through loss harvesting (12:45) Long-short direct index and portfolio tilts (14:16) Mo's first startup, Twitvid, and getting outpaced by Twitter (16:29) The wealth manager experience that inspired Frec (19:49) Vetting the idea: six months of top-down research that failed (22:18) Switching to a bottoms-up approach and finding conviction (30:39) Immad's approach to OKRs, called "COR" (36:24) Frec's pivot from lending to investing as rates rose (52:16) Rapid fire: AI in fintech, obsolete products, and more

Guillermo Rauch is the co-founder and CEO of Vercel, the company behind Next.js, and previously created the widely-used Socket.io library. In this special episode, recorded live in front of an audience, Guillermo joins Immad Akhund and Raj Suri for an open Q&A covering pivots, ethics, investors, and the future of work in the age of AI.What you'll learn:The difference between a "lowercase p" pivot (refining focus) and an "uppercase P" pivot (starting over) — and how to know which one you needHow to build an ethical framework for operating in an industry full of shortcuts and noiseHow to extract real signal from investors without letting them drive your roadmapReal pivot stories from Presto (restaurant tablets to voice AI), Lyft (carpooling to peer-to-peer ride-hailing), and Mercury's early product-market-fit signalWhy blaming distribution is often easier than blaming the product — and why that's a trapHow founders can get their teams to think about prioritization the way they doHow Mercury created early demand by deliberately recruiting a broad, vocal set of seed investorsWhat "the future of work" looks like when your team's job shifts from producing outcomes directly to building the systems that produce themHow growing up outside Silicon Valley shaped each panelist's belief that they could build something from scratchChapters:(0:00) Lowercase p vs. uppercase P pivots(1:05) Q&A begins(1:23) Building an ethical framework in Silicon Valley(4:38) Balancing customer signal vs. investor advice(9:53) Pivot stories: Presto, Lyft, and Mercury's obvious PMF moment(15:34) Why founders blame distribution instead of the product(16:08) Getting your team to think about prioritization like you do(18:21) How Mercury created early demand with 60 seed investors(19:48) The future of work: agents, harnesses, and factories of output(24:25) Growing up outside the Valley: mentors and self-belief(28:04) Closing

Dan Teran is the co-founder and managing partner of Gutter Capital, an early-stage venture firm investing in vertical AI and marketplace businesses. He previously founded Managed by Q — an operating system for commercial spaces that grew to employ nearly 1,000 people, expanded nationally, and was acquired by WeWork in 2019. Dan joined WeWork as head of corporate development before leaving after a turbulent six months. He now runs Gutter Capital's third fund ($75M) and the Elbow Grease accelerator, sponsored by Mercury, which invests in early-stage founders in New York City.What you'll learn:How Managed by Q found extreme product-market fit in lower Manhattan — and why that made expansion harder, not easierWhy winning a market can be a trap when the TAM is smaller than you thoughtThe real story behind the WeWork acquisition: a three-year relationship, a theatric walkout, and why great exits are always principal-to-principalWhy over-capitalization was more ruinous to Managed by Q than any external factorHow to think about Series A benchmarks for non-AI companies today (2–3M ARR, renewals, one productive AE, 3x growth)Why AI-enabled services businesses can be great companies even if they're not venture-scale outcomesThe mismatch between what early-stage founders need to raise and what top VC funds are mandated to deployWhy founders should play the hype game — but stay ruthlessly honest with themselves about what game they're playingDan's take on Adam Neumann: what made him exceptional, where he fell short, and why Dan wouldn't bet against himThe "leaders eat last" philosophy — and why holding people to high standards and having their backs aren't in conflictChapters:[00:00] The hype trap founders fall into [01:31] Managed by Q: founding story and early growth [02:39] Scaling nationally and selling to WeWork [04:17] The state of co-working and commercial real estate post-WeWork [07:18] In-person vs. remote — what actually matters pre-PMF [11:16] How the WeWork acquisition really happened [15:06] Realizing the TAM was smaller than expected [17:09] Raj's parallel experience at Presto [20:04] FOMO-driven investing and the AI diligence problem [22:04] Series A benchmarks for applied AI companies today [25:27] Why founders should aim for break-even before raising [28:56] The mismatch between venture fund mandates and founder needs [34:32] What Dan learned about fundraising after becoming an investor [37:30] Adam Neumann, WeWork, and Flow [39:30] Leadership, high standards, and the "leaders eat last" philosophy [42:12] Why founders learn the wrong lessons from Steve Jobs [47:31] FarmEvo: the drone ag company Dan flew to Karachi to diligence

Colin Angle spent 33 years building iRobot — bootstrapping for eight years without venture capital, surviving 15 failed business models, and ultimately launching Roomba in year 12. What followed was a decade of overcoming consumer skepticism, 70%+ global market share, a public offering on Nasdaq, and eventually a blocked acquisition by Amazon. Now he's back with a new company, Familiar Machines and Magic, building robots designed for human connection — priced to compete with the cost of owning a pet.What you'll learn:Why Colin believes iRobot would have failed with early VC accessHow iRobot funded itself for eight years through customer contracts instead of investorsThe sales tactic Colin used to get Fortune 500 CTOs to fund iRobot's R&DHow DoD mine-hunting algorithms and a Hasbro partnership became the technology inside RoombaThe wallet share framework for evaluating whether a consumer robot idea can actually workWhy adding features to a consumer robot often reduces perceived valueHow iRobot priced Roomba at $199 with a $42 BOM — and what that discipline requiredWhat it felt like to go public, and how everything changes when what you say can be monetizedThe full story behind the Amazon acquisition attempt and why the EU and FTC blocked itWhat Familiar Machines and Magic is building and why the pet economy is the target compChapters:00:00 – Regulators celebrate blocked deals — what Colin saw on FTC examiners' doors00:53 – Introducing Colin Angle, co-founder of iRobot and Familiar Machines and Magic02:00 – The "if not us, who?" moment that started iRobot03:54 – First business model: privately fund a moon mission, sell the movie rights07:03 – Eight years without VC: "completely unfundable"08:09 – The CTO sales tactic: present a problem half a step from their real one09:00 – "Work for no profit, cancel anytime" — the deal structure they used five times12:05 – Built for 10,000 units, sold 70,000 Roombas in three months15:03 – "If I had VC early, iRobot would have failed"18:40 – $199 retail, $42 BOM — the Roomba economics20:31 – The wallet share framework: which consumer spend are you actually replacing?32:39 – First interview as a public CEO: "My wife says Roomba doesn't work"34:42 – The Amazon acquisition gets blocked — 15% market share and falling42:09 – Familiar Machines and Magic: the new company and the original vision46:12 – Building robots for human connection, not task automation